Some people value speed when conducting financial transactions. People are busy and many would prefer not to have to swipe a credit card, count out cash, or write out a check when making a financial transaction. Debit cards and credit cards often require a separate identification (ID) to use. The user must, therefore, carry the ID with them and may need to present it each time a purchase is made, adding time and inconvenience to the transaction. Checks also require separate identification and must be written out, taking up valuable time. Paying for transactions with cash requires that the person carry the cash with them, wait while change is counted out, and risk losing the cash. All of these inconveniences add up to wasted time, effort, and worry for people as they conduct transactions.
Additionally, carrying around credit and debit cards, checks, or cash can be burdensome because they have no secondary functions. A person may not want to carry around all of their credit and debit cards and, therefore, must think ahead of time about where they are going and what cards they want to carry with them.
Thus, there is a need to develop apparatuses and methods that provide fast, convenient authorization of payment for financial transactions. There is also a need to lessen the burden associated with carrying credit cards, checks, cash, and other payment vehicles wherever one goes.